Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income (loss) $ (73,147,000) $ 125,040,000 $ 41,969,000
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Amortization and depreciation 71,516,000 80,731,000 91,792,000
Impairment losses 2,438,000 2,811,000 0
Amortization of debt issuance costs and accretion of discounts 2,561,000 1,975,000 3,000,000
Stock-based compensation 55,176,000 81,704,000 59,358,000
Deferred income taxes (4,452,000) 23,454,000 (3,235,000)
Loss on disposal of property and equipment 2,057,000 170,000 533,000
Gain on sale of investments (434,000) (3,375,000) 0
Unrealized holding loss on investments 1,765,000 1,476,000 0
Impairment of leasehold improvements 0 0 226,000
Impairment of leased right-of-use assets 0 462,000 429,000
(Gain) loss on settlement of pension (1,008,000) 0 0
Loss on extinguishment of debt 0 0 5,221,000
(Gain) loss on foreign currency 2,475,000 (1,829,000) 634,000
Excess tax benefits on stock-based awards (253,000) (9,921,000) (7,415,000)
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable, net 1,406,000 (50,875,000) (51,690,000)
Inventory 60,636,000 (28,841,000) (33,689,000)
Prepaid expenses and other assets (9,328,000) 1,789,000 24,186,000
Leased right-of-use assets 0 0 72,000
Accounts payable, accrued expenses and other current liabilities (29,431,000) 65,815,000 12,771,000
Accrued compensation 9,708,000 42,003,000 33,595,000
Accrued price protection liability (41,562,000) 73,574,000 (7,320,000)
Lease liabilities (11,671,000) (11,440,000) (9,905,000)
Other long-term liabilities 4,920,000 (5,997,000) 7,701,000
Net cash provided by operating activities 43,372,000 388,726,000 168,233,000
Investing Activities      
Purchases of property and equipment (13,454,000) (41,253,000) (39,176,000)
Purchases of intangible assets (6,355,000) (11,184,000) (7,581,000)
Cash used in acquisitions, net of cash acquired (13,324,000) 0 (40,000,000)
Proceeds loaned under notes receivable 0 (10,000,000) 0
Purchases of long-term investments 0 (29,325,000) (5,000,000)
Sale of trading securities 17,198,000 0 0
Net cash used in investing activities (15,935,000) (91,762,000) (91,757,000)
Financing Activities      
Proceeds from the issuance of debt 0 0 350,000,000
Payment of debt issuance cost (18,325,000) 0 (4,173,000)
Repayment of debt 0 (185,000,000) (409,813,000)
Net proceeds from issuance of common stock 4,559,000 5,006,000 8,780,000
Minimum tax withholding paid on behalf of employees for restricted stock units (12,590,000) (28,896,000) (13,149,000)
Repurchase of common stock 0 (31,511,000) (23,548,000)
Net cash used in financing activities (26,356,000) (240,401,000) (91,903,000)
Effect of exchange rate changes on cash and cash equivalents (1,082,000) 56,000 (2,869,000)
Increase (decrease) in cash, cash equivalents and restricted cash (1,000) 56,619,000 (18,296,000)
Cash, cash equivalents and restricted cash at beginning of period 188,357,000 131,738,000 150,034,000
Cash, cash equivalents and restricted cash at end of period 188,356,000 188,357,000 131,738,000
Supplemental disclosures of cash flow information:      
Cash paid for interest 9,481,000 9,078,000 11,034,000
Cash paid for income taxes 28,645,000 23,829,000 3,839,000
Cash received for dividend income on investments 716,000 0 0
Supplemental disclosures of non-cash activities:      
Issuance of shares for payment of bonuses $ 38,648,000 $ 38,826,000 $ 23,981,000